Bank of Japan Summary of Opinions report from the most recent meeting, back on October 30 and 31.
Some of the main points, there is little surprising here at all, or ion the full document, linked below.
- Sustainable and stable achievement of the price stability target is not yet envisaged with sufficient certainty at this point, and thus the Bank needs to patiently continue with monetary easing under yield curve control.
- will continue with the framework of yield curve control and the negative interest rate policy, at least as long as it is necessary for maintaining the price stability target of 2 percent in a stable manner.
- To confirm that this aim has been achieved, it is necessary to carefully examine future developments in wage hikes and whether the virtuous cycle between wages and prices is operating from both sides.
- extremely high uncertainties surrounding economies and financial markets at home and abroad, it is appropriate for the Bank to increase the flexibility in the conduct of yield curve control, so that long-term interest rates will be formed smoothly in financial markets in response to future developments.
- there is still a distance to go before achieving the 2 percent target with the virtuous cycle between wages and prices, it is important for the Bank to keep supporting the momentum for wage hikes through continuation of monetary easing.
- In this situation, the Bank should maintain the framework of yield curve control while modifying the conduct of it.
Full text:
Summary of Opinions at the Monetary Policy Meeting on October 30 and 31, 2023
From the meeting day:
- Bank of Japan October 31 Statement - full text
- Bank of Japan Monetary Policy Statement: Changes language around 1% 10year JGB cap
Bank of Japan Governor Ueda
